Electronics manufacturers have backtracked on announced price reductions due to the USD rate rising again, Industrial Investors Union chairman Mohamed Geneidy tells Ahram Gate without revealing who these companies were. According to Geneidy, banks are only supplying USD for basic commodities, causing manufacturers to struggle to get their hands on enough greenbacks to fulfill their needs. LG said last week it would reduce prices of its home appliances by 9% and home entertainment products by 11% as the EGP strengthened, while Samsung reduced smartphone prices by 25% and announced it would cut 20-22% from television prices until 15 March.

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